It is hard to predict as long as the conflict does not broaden into a military confrontation, East Carolina University professor Jalil Roshandel said.

“But what is important at this point is that the West does not want another war in the region,” he told Trend Jan. 12. “Of course the Middle East does not need a war either.”

He said that in that case the price of oil can make a dramatic surge, may be between $100-150 / b.

Relations between Saudi Arabia and Iran soured after execution of Nimr al-Nimr, a prominent Shia cleric, by the Kingdom along with other 46 people, which was followed by a strong protest from Iran.

Mass protests took place in Iran following the said execution. In particular, the Saudi embassy in the capital Tehran and the consulate in the city of Mashhad were attacked, after which Riyadh broke off diplomatic ties with Tehran on Jan. 3.

Over the past 30 years, the maximum oil price reached almost $144 per barrel of Brent in 2008. In January 2016, the oil price averaged at $32-35 per barrel.